The newly launched layer-2 network Shibarium, built by the popular meme coin project Shiba Inu, has been gaining traction and adoption since its release. However, despite reaching impressive milestones in transaction volume and activity, Shibarium has struggled to get support and integration from top cryptocurrency exchanges.
This narrative seems to be shifting with the major announcement that Gate.io, one of the largest exchanges globally by trading volume and userbase, has enabled support for Shibarium. Specifically, Gate.io now allows users to withdraw Shibaswap (BONE) tokens from the exchange directly to their Shibarium wallets, like Metamask.
This integration is being hailed as a landmark achievement by Shiba Inu’s marketing lead Lucie and others in the community. Since Gate.io offers fiat onramps, users can easily purchase BONE with government-backed currencies and move their tokens to Shibarium DeFi apps and services. Improved onramps like this are critical for further growing the adoption of the fledgling network.
Many in the Shiba Inu community are celebrating Gate.io’s show of support and labeling it a “pretty big deal.” Getting top exchanges to back new blockchain networks represents a major challenge, one that Shibarium seems to be slowly overcoming. The community is hopeful that Gate.io’s integration will now encourage other leading trading platforms to add Shibarium support.
Gate.io isn’t the first exchange to enable Shibarium either. Smaller exchanges like Australia’s GroveX began supporting it in October 2022. Additionally, Shiba Inu’s project leads have mentioned they are in active discussions with exchanges regarding further integrations. The cryptocurrency’s substantial community of over 1.6 million holders makes it an attractive option for exchanges looking to expand their user base and volumes.
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